Trending Now:

Which state is going bankrupt?

February 19, 2014, 11:05 amYahoo7

The latest data shows that bankruptcies and debt have surged in one state.

Photo: Getty

The latest personal insolvency report from the Australian Financial Security Authority shows that more people in the ACT are struggling with money, with personal bankruptcies surging almost 28 per cent and debtors increasing 19 per cent.

Queensland, however, still maintains the highest ratio of bankrupts, with one bankrupt for every 516 adults.

Wondering how other states did? Here's our state-by-state breakdown.

Australian Capital Territory

The number of bankrupts in the ACT jumped 27.6 per cent, from 170 to 217. This equates to one bankrupt for every 1,200 adults. The most bankrupts were in Tuggeranong, Belconnen and Gungahlin.

A growing number of ACT residents appear to be finding themselves in financial difficulty, with a 19 per cent increase in the number of debtors with debt agreements.

Photo: Getty

New South Wales

The number of bankrupts in NSW fell 10.8 per cent from 7,874 to 7,024, a ratio of one bankrupt to 755 adults. The postcodes with the most bankrupts were in Blacktown, Outer South West and South West. Debt agreement debtors increased by 4.6 per cent.

Photo: Getty

Northern Territory

Personal insolvencies in the Northern Territory soared 32.5 per cent, from 77 to 102, or one bankrupt to 1,507 people. Debt agreement debtors also increased by a massive 82.1 per cent, from 56 to 102.

Photo: Getty

Queensland

Bankruptcies declined by 3.3 per cent in Queensland, from 6,544 to 6,331 – a ratio of one bankrupt to 516 people. The postcodes with the highest number of personal insolvencies were all located in the Gold Coast.

On the other hand, debt agreement debtors saw a significant 8.3 per cent increase from 2,477 to 2,691.

Photo: Getty

South Australia

The number of bankrupts in SA was almost flat, falling 0.4 per cent from 1,581 to 1,574. This equates to one bankrupt for every 790 adults. The three postcodes with the most personal insolvencies were all located in North Adelaide.

Debt agreement debtors saw a 34.5 per cent jump, from 359 to 483.

Photo: Getty

Tasmania

Personal insolvencies dropped by 17.6 per cent in Tasmania, from 717 to 591, or a ratio of one bankrupt to 643 people.

Debt agreement debtors moved in the opposite direction, increasing 15.4 per cent from 292 to 337.

Photo: Getty

Victoria

Bankrupts in Victoria dropped 0.7 per cent from 4,333 to 4,301, but Greater Melbourne saw a slight increase of 0.5 per cent. There is one bankrupt in Victoria for every 963 people. The three postcodes with the highest number of bankrupts were located in Melbourne and the Mornington Peninsula.

Debt agreement debtors jumped 5.4 per cent from 1,753 to 1,848.

Photo: Getty

Western Australia and Other Territories

Personal insolvencies fell 7.2 per cent, from 1,653 to 1,534, a ratio of one bankrupt to 1,111 people. The highest numbers of bankrupts were in Mandurah, Bunbury and North West Perth.

Account type

20 Comments

It is not Abbot. He is fairly new to his job as PM. I was referring to the likes of Hawke and his mate Sir Peter Ables and the Liebler Brothers, and the worm who he sold Solo ACTU petroleum to.
Labour says it is for the working people. It is not and never has been. I do not believe the liberals are a good alternative but they are certainly not as hypocritical as labour is and was.
Keating was no different nor Whitlam. Lets not go chanting labour party slogans now for these failures. Where they have no alternative policies they come out with such slogans "Abbot did this that and the other".

Well!
Fifty years ago GMH tried to robotise all equipments. they had the investment fund.
However, the Union said that because every employee expertise increased and
productivity increased and hence higher wages has been demanded.
OK! The employer said I am not going to spend any money on equipments automation.
Hence when Japanese start using robots, then Australian Automotive industries has to import
engines from Japan. Now whenever business is a little bit better, Union ask for wages increases. The employer enjoys the government money. However, the stress of the industrial
dispute and the prospect of no subsidies has chased the automotive industry people leave the country faster.
Is there a wage increases provide better life? Most of the time the Union succeeded a fistful of dollars for the employees. The biggest benefit is for the Union boss to have a better life. Look at the HSU, Construction Union? or etc? Wages increases provides inflation and inflation creates demand for more wage increases. Lots of Australian Pigs are getting fatter and fatter.
The motto of Business in Australia is; Don't lose the market, close the factory here, produce in
China and sell in the same market, you make more profit and less stress. What a good life!
No wonder Talks of abolishing the Car Import Tax are on the rise. "You'll be right MATE!"

I am going to join the Bankruptcies club in fee months! Going to have my wages set to level that Chinese worker (slave) get. This way my employer can compete on level playing field. He always sees wages as only reason for bad market competition. With low wages it will not be long before I cant pay my dept. Roll on the Bankruptcy.

There is a reason why jobs in Australia go abroad to places like China, Malaysia, the Philippines and in some cases India.
It is because we can't find employees amongst Australian who do not have a criminal record (traffic and unnecessary DVO's), who do not have a debt they can't pay off (so they ask for higher wages), whose health and safety are issues like education they get into debt over whilst the Packers and Murdoch and Forests of this nation pay a pittance compared to what they earn.
The end result is nation of good people who fought the good fight for everyone else except their own it seems. They don't get to see the people they elected but the tax dodging business people who earn large pots of money on our backs do. They change laws and rules to suit the rich but attack us for asking for $10 more a week. They give electricity and water discounts then tax breaks for large companies whilst utility companies now seek to hike up payments by 20%.
They somehow did not foresee that when they conned government into "privatizing" the utility companies. Instead they said they could deliver more for less and run these companies more efficiently for us all. That now appears to have meant for us all in the big bracket.
Bankruptcy means taking each bankrupt out of the line of production adding an extra financial burden to the tax payer to feed and cloth him for 3 year instead of allowing him in a shorter time to get to business and make enough to pay things off. Instead they the bankrupts are financially and personally tainted.
If everyone decided to stop making payments on their utility bills till these bills are reduced (telephone, gas, electricity and water) for 3 months, there is nothing that anyone can do. Stop paying interest in credit cards and on mortgages when unemployed. It will create a drop in demand and revenue and they have to negotiate. That's when it is said the customer is "sovereign". It is the power of sovereignty.

Bankruptcies are very much an integral part of capitalism, to start anew with future innovation and real growth (as opposed to debt based money printing by the Federal Reserve and government bailout). Boom and Bust like recessions are inevitable and necessary .

Reading the story, not just the headline, it appears that Australia is not as bad off as we have been told. That may change as Abbott gets his way in the future, he and his so-called expert colleagues have already stuffed up all he has touched.

australia is an over priced labour market ,with a low competition labour market place,where in the world can a person earn $3000.00 in a week to paint a house with his abn .$$$.any idiot can earn an income ,if he or she wants to.

There seams to be still plenty playing pokies smoking beaching surfing and more things seamed to be changing from the old days when most people did an honest days work and was not payed wages as large as they are today.

It's a misleading headline (nothing to do with States going bankrupt) and a misleading story. Bankruptcies declined in all six states, and only increased by 47 people in the ACT and "soared" by 25 people in the NT. Australiawide, insolvencies were down by 1267 people. The problem with yahoo "click" journalism is when the implied story/headline is fabricated just to obtain a "click" by users. Here's one who was suckered, despite the data being ironically interesting in it's true form.